NEW - pay off £20,000 (ish) by Christmas 2009

MrDT

Apologies for not reading the whole thread, but are you guys aiming to pay off 20k of non-mortgage debt in 12 months? That's a huge amount, not far off the average annual salary in the UK. Can I ask how you manage it?

Or does this figure include mortgage repayments? If that's the case I suppose it'd be easier for a owner occupier couple than say a renting single person. Still no mean feat though. Good luck to you all!!!

hypno06

MtDT, this is in addition to mortgage debt.........

We are doing it by making the extra effort to find more money by various means......including:

• take on a second (or third) job
• ebay/amazon/car boot sales
• rent a room out
• do overtime
• matched betting

etc etc etc. all the ideas we pick up from this site, and then making sure that these extra amounts are chucked straight to the debt to bring it down quicker.

So yes, a big challenge, but one that we did last year and a number of us surprised ourselves in how much we could actually pay off once we put our mind to it

Tryingveryhard_3

Paid £177 off Black Horse Loan today (standing order so not so special but still feels good) and £30 off my Marbles CC - if I hadn't joined this challenge I probably would have frittered it away!

This is great motivation!

mel19632

Can anyone give me some tips, or referral links to matched betting - I'm very interested in giving this a go!

Thanks xx

Karmacat

Mel - check out the Gambling Introductory Offers Board on this forum - and read the stickies again and again, and practice till you understand it, then start posting on the Newcomers Thread there - keep at it, it'll come.

poorandindenial

Hi all

I am counting down the mnutes until I can pay £600 off my loan (tomorrow) ALL overpayment - hurrah.

I put £300 towards my ISA today but that won't show on this challenge until September :eek: (it does show on my £15k paper hat challenge thought - it is lovely to see a few paper hatters here too)

clearmydebts

poorandindenial wrote: »

Hi all

I am counting down the mnutes until I can pay £600 off my loan (tomorrow) ALL overpayment - hurrah.

I put £300 towards my ISA today but that won't show on this challenge until September :eek: (it does show on my £15k paper hat challenge thought - it is lovely to see a few paper hatters here too)

Hi Poorand,

It's great to see you here too! Wow, you must be really excited paying off that much. Well done!

mistrey

Add me please!! I want to pay off £15000 by next christmas.

poorandindenial

Cheers hun

I cant wait, and it will save me about a fiver a month in interest :T - every little and all that

I am going to miss my target for the £20k for 2008 (by about £5k) but have grim determination on my side for this year (and am hopefully not moving flat again)

skint-student-nurse

Can i join this challenge please? Student debts are what i want to get rid of,such as loan and credit cards. already done 20 hours overtime this week to help....!